DOT Price Prediction: How High Can Polkadot Price Trade in July?
Polkadot (DOT) faced a major hit during the recent market downturn, but in the past 24 hours, its price has shown a strong bullish trend. How high can DOT go in July? Let's take a look into our detailed Polkadot price prediction to find out more.
How has the Polkadot (DOT) Price Moved Recently?
Polkadot (DOT) is currently priced at $6.18, with a 24-hour trading volume of $753.65 million, a market cap of $6.10 billion, and a market dominance of 0.29%. Over the past 24 hours, DOT's price has risen by 9.21%.
Polkadot reached its all-time high of $54.98 on November 4, 2021, and its all-time low of $2.82 on August 22, 2020. Since then, its lowest price was $3.59 (cycle low), and the highest price since this low was $11.86 (cycle high). Despite the recent uptrend, the current sentiment for Polkadot's price prediction remains bearish, with the Fear & Greed Index at 29 (Fear).
Polkadot has a circulating supply of 987.58 million DOT, out of a maximum supply of 1 billion DOT.
Is DOT Price poised for a substantial surge?
DeFi researcher and crypto analyst 0xNobler recently disclosed on X that Coinbase, a leading cryptocurrency exchange, is working on a DOT ETF. According to his post, Coinbase is in the early stages of applying for the ETF, with the first approval stage set for July 15.
On June 28, the exchange took major steps by applying for DOT Future Contracts, a Future ETF, and a Spot ETF. Polkadot's popularity suggests that the ETF will be a major success among fans. This news has already caused a spike in Coinbase Derivatives, and if the DOT ETF is approved, it could lead to a significant rise in DOT's price.
The recent developments surrounding Polkadot (DOT) suggest that its price may be poised for a substantial surge. This move indicates strong institutional interest in Polkadot, which is already a popular network. Enthusiasts predict that the Polkadot ETF will be highly successful, further boosting market confidence. The announcement has already led to a notable increase in Coinbase Derivatives, reflecting positive market sentiment. If the DOT ETF gains approval, it could act as a major catalyst for a significant price rise, driven by increased investor interest and broader market adoption.
How High Can Polkadot Price Trade in July?
The outlook for Polkadot (DOT) in July appears cautiously optimistic. Over the past year, DOT's price has increased by 20%, demonstrating positive performance compared to its token sale price. Despite this, it has been outperformed by 60% of the top 100 crypto assets and remains under the shadow of major players like Bitcoin and Ethereum. Additionally, DOT is trading below its 200-day simple moving average, indicating potential bearish sentiment. However, its high liquidity, reflected in its substantial market cap, suggests it has the ability to absorb large buy and sell orders without significant price volatility.
Analyzing these factors alongside the recent developments, DOT's price could experience a notable surge if certain conditions are met. The application for DOT Future Contracts, Future ETF, and Spot ETF indicates a strong institutional interest that could drive the price up, especially if the ETF gains approval by July 15. Despite only having 13 green days in the past 30 days, the recent positive market sentiment surrounding Polkadot's ETF application could shift investor behavior. Considering these aspects, DOT might see its price approach the $10 to $12 range in July, contingent on favorable market conditions and the successful approval of the ETF. However, surpassing this range would likely require broader market support and significant bullish momentum.
